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A letter of credit (LC) is a crucial payment method involving the buyer's bank and the seller's bank. The seller receives payment when they present documents, such as the invoice and Bill of Lading, as proof of shipment. The LC offers protection to both the seller—against payment default by the buyer—and the buyer, as there is no payment obligation until the goods are shipped as agreed. Key parties in an LC include the applicant (buyer), the issuing bank (the buyer's bank), the beneficiary (the seller), and the advising bank, which receives the LC from the issuing bank for the beneficiary. Additional roles may include a nominated bank and a confirming bank.